Update after close 7/13:
It’s Vacation Time
We are out on vaca until Monday the 17th. Here are some updates as of 11:15a Thursday:
- Biotechs are weak today falling below SMA 20 (XBI). IBB of 0.47%.
- Red screen day in biotech Amgen (AMGN) green at $173.82. NASDAQ flat. Technology leading sector up 1.3%.
- Tesaro (TSRO) down 8% to $127 on dim near-term prospects for buyout.Could be reason for weak sector.
- Arena Pharmaceuticals (ARNA) down 6.78% after huge day Tuesday on PAH mid stage trail results.Plans secondary of 150M shares.Still up 40% for the week.
- T.Rowe Price (PRHSX) health-care fund up 20% YTD. Among top biotech holdings are ALXN, VRTX and INCY. Prospects for GILD still look good.
- CAR-T therapies get FDA panel go-ahead with Novartis (NVS) acute lymphoblastic leukemia drug.
- Revised healthcare draft by Senate coming may keep investment income and payroll taxes; “ACA lite scenario”.